By Destiny Eseaga
WEMA Bank Plc has introduced its agent banking service in Bauchi State as it seeks to deepen its retail footprint across informal economic sectors of the country.
Agent banking is a cost-effective medium employed by banks to provide financial access to the unbanked, under banked and branch-starved communities including provision of basic financial services such as account opening, cash deposit, cash withdrawal, funds transfer, bills payment, airtime recharge through third parties known as agents.
The bank has recruited four agents within Bauchi metropolis to support the ongoing retail push by its recently opened branch in the state. These agents have so far on boarded over 500 rural farmers and workers within the informal agric sector of the state as well as those residing in the neighbouring cities.
In a statement, the Head of Retail Banking at Wema Bank, Dotun Ifebogun, noted that Agent Banking offers a cost-effective medium to rapidly expand the bank’s presence and capture a largely untapped market of those operating in informal business sectors across the country.
“We believe this strategy complements greatly our retail expansion plan and ensures we can target unbanked and branch-starved communities in a quick and cost-effective manner,” Dotun said.
The Bank has successfully introduced agent banking services across all geopolitical zones in the country, with over 600 agents, roaming and fixed agents serving customers.